Oman’s March Inflation Rate Sees Increment
In a recent analysis, Oman’s inflation rate rose by 0.2 percent in March 2023 compared to the same month last year, primarily fueled by an increase in food and beverage prices.
Data from the National Center for Statistics and Information, as reported by the Oman News Agency, highlighted a 3.4 percent year-on-year increase in food and non-alcoholic beverage expenses in March.
Additionally, prices for miscellaneous personal goods and services saw an annual growth of 2.9 percent, with tobacco product costs rising by 2.4 percent.
Culture and entertainment activities as well as clothing and footwear expenses experienced slight increases of 0.4 percent and 0.1 percent, respectively, in March.
Conversely, transportation costs decreased by 4.6 percent, and prices for restaurants and hotels also saw a slight decline of 0.1 percent.
The Ash Sharqiyah North Governorate recorded the highest inflation rate increase in March compared to the previous year, with a 1.3 percent rise in the index.
Inflation in the Al-Wusta Governorate and the North Al-Batinah Governorate grew by 1.1 percent and 1 percent, respectively.
Natural Gas Production Declines in Oman
Meanwhile, a separate report from the Oman News Agency revealed a 2 percent decrease in the country’s domestic production and import of natural gas, totaling 8.38 billion cubic meters by the end of February compared to the previous year.
Industrial projects accounted for 68.2 percent of natural gas usage in Oman, amounting to 5.72 billion cubic meters, while natural gas usage in oil fields reached 1.52 billion cubic meters and in power generation stations hit 1.98 billion cubic meters.
The analysis showed that non-associated natural gas production, including imports, amounted to 6.71 billion cubic meters, while associated production reached 1.67 billion cubic meters.
Non-associated production refers to natural gas extracted from gas wells, while associated production is gas produced as a byproduct during crude oil extraction.